Publications
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New York Quarterly Housing Update 2011: 1st Quarter
In an analysis of first quarter housing indicators, the Furman Center finds that housing prices declined between the last quarter of 2010 and the first quarter of 2011 in every borough except Queens, where prices remained essentially flat. The volume of home sales continued to decline in every borough compared to the previous year. The Quarterly Housing Update is unique among New York City housing reports because it incorporates sales data, new construction indicators, and foreclosures. It also presents a repeat sales index for each borough to capture price appreciation while controlling for housing quality.
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NYC Housing 10 Issues Series #5: Moderate-Income Household Subsidy
Housing is a substantial expense for New Yorkers, and has grown even less affordable in the last decade. As housing affordability becomes more of a strain for moderate- and middle-income households, many worry that those households might choose to leave the city altogether, which could undermine the city’s diversity and vitality. Moderate- and middle-income households are often not served by existing rental subsidies, though they may benefit from such a program. This brief examines the feasibility of a moderate-income housing subsidy.
The #NYChousing series, published in 2013 prior to the New York City mayoral election, identified 10 key affordable housing issues that were likely to confront the next mayor of New York City. The series aimed to inform the public about the policy tradeoffs by providing an objective analysis of the pros, cons, and questions related to key housing issues facing New York City. How the incoming New York City mayor would choose address the city's housing challenges in an environment of increasing needs, declining federal support, and a strengthening real estate market would have an enormous effect on the livability, diversity, and character of the city.
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NYU Furman Center / Citi Report on Homeownership & Opportunity in New York City
This report, commissioned by Citi and conducted by the NYU Furman center, analyzes recent home sales data and examines the potential purchasing power of households at various income levels in New York City, as well as the nearby counties of Nassau, Suffolk, and Westchester. It finds that becoming a homeowner in New York City’s real estate market is a considerable challenge for the vast majority of New York City households due to the city’s severely constrained supply of affordable home-buying opportunities. And, according to the new report, homeownership prospects do not necessarily improve by moving out of the city to the surrounding New York suburbs.
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Planning for Opportunity: How Planners Can Expand Access to Affordable Opportunity Bargain Areas
There is strong evidence that living in high-opportunity neighborhoods can improve children's long-term educational and economic outcomes; translating this into practical advice for planners is difficult. Planning discussions rarely consider how much that opportunity costs, even though planners must grapple with the typically higher cost of providing housing in opportunity areas. This paper argues for a streamlined measure called the school–violence–poverty (SVP) index based on three contemporary metrics that research shows enhance economic mobility for children: school quality, violent crime, and poverty.
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Preserving History or Hindering Growth? The Heterogeneous Effects of Historic Districts on Local Housing Markets in New York City
Historic district designation has long been a topic of considerable debate. This report, conducted in collaboration with the National Bureau of Economic Research, provides new evidence to inform one aspect of this discussion—the effect that historic district designation has on housing. The report considers how designation of historic districts in New York City affects property values both within district boundaries and in the buffer areas just outside district boundaries, and explores how these effects vary across neighborhoods. Read the full report, the research brief, or view the press release.
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Quarterly Housing Update 2011: 3rd Quarter
In an analysis of third quarter housing indicators, The Furman Center finds that home sales volume remained low in the third quarter of 2011, with the number of properties sold citywide four percent lower than the number sold in the third quarter of 2010. Property values are also lagging in most of the city. Manhattan is the only borough where properties have appreciated in price over the last year. The Quarterly Housing Update is unique among New York City housing reports because it incorporates sales data, residential development indicators, and foreclosures. It also presents a repeat sales index for each borough to capture price appreciation while controlling for housing quality.
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Quarterly Housing Update 2011: 4th Quarter
In an analysis of fourth quarter housing indicators, the Furman Center finds that home sales volume continued to decline in the fourth quarter of 2011, with the number of transactions citywide down 15 percent from the previous quarter and 11 percent from the fourth quarter of 2010. Foreclosure starts were down in most of the city, with 33 percent fewer foreclosure notices issued in the fourth quarter of 2011 compared to the same quarter in 2010. Manhattan was the only borough where the number of foreclosure starts increased, although the number of notices issued in Manhattan still remained well below the numbers issued in any of the other boroughs.
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Quarterly Housing Update 2012: 1st Quarter
In an analysis of first quarter housing indicators, the Furman Center finds that home sales volume rose in the first quarter of 2012, with the number of transactions citywide up almost five percent. Housing prices throughout the city are up 3.5 percent compared to the same quarter last year. The report also finds that the number of foreclosure notices issued in Q1 2012 has fallen citywide since its peak in the third quarter of 2009. However, foreclosure notices in Queens and Staten Island increased by more than 20 percent from the fourth quarter of 2011
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Quarterly Housing Update 2012: 2nd Quarter
In an analysis of second quarter housing indicators, the Furman Center finds that home sales volume increased in the third quarter of 2012, with the number of transactions citywide up by 16.4 percent. Housing prices throughout the city are up 2.7 percent compared to the same quarter last year. There were 243 new units authorized by building permits in the second quarter of 2012, 386 fewer than the previous quarter and 1,159 fewer than the same quarter of 2011. The report also finds that the number of foreclosure notices issued in Q2 2012 has increased 34.9 percent citywide since the first quarter of 2012, with the highest increase seen in Queens with 41 percent.
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Quarterly Housing Update 2012: 3rd Quarter
In an analysis of third quarter housing indicators, the Furman Center finds that home sales volume remained relatively stagnant in the third quarter of 2012, with the number of transactions citywide down by 0.1 percent. Housing prices throughout the city are up 4.4 percent compared to the same quarter last year. The report also finds that the number of foreclosure notices issued in Q3 2012 has increased 14.5 percent citywide since the third quarter of 2011, with a 40.9 percent increase in Queens.